logo
Plus   Neg
Share
Email

Swiss Market Snaps 3-day Losing Streak, Ends Modestly Higher

The Switzerland stock market ended higher on Monday, snapping a three-day losing streak, as investors reacted positively to some earnings news.

The benchmark SMI ended up 28.80 points, or 0.3%, at 9,513.71, after moving between 9,461.19 and 9,539.95.

After recent losses, Alcon Inc shares rose 2% in today's session. The stock suffered a few setbacks last week after making a sparkling debut.

Swiss RE, Swiss Life Holding, Swatch Group and Swisscom gained 1.2 to 1.5%. Credit Suisse and Zurich Insurance Group also ended higher by more than 1%.

Conzzeta shares gained 1.5% despite the company reporting lower net revenue of CHF 394.4 million for the first three months of 2019. That was 8.4% less than the net revenue of CHF 430.6 million the company had posted in the year-ago period.

In a significant development, insurer Baloise Group is acquiring Fidea NV, a Belgian insurance company, for 480 million euros, from China's Anbang. The acquisition will help significantly strengthen Baloise Group's position in the Belgian non-life and life insurance market.

In economic news, producer Prices in Switzerland increased to 102.20 Index Points in March from 101.90 Index Points in February of 2019.

Year-on-Year, producer and import prices in Switzerland declined for a third straight month in March, falling 0.2%, following a 0.7% drop in the previous month. The data was in line with expectations.

Among other major markets in Europe, Germany's DAX and France's CAC 40 ended higher by 0.17% and 0.11%, respectively, while the U.K.'s FTSE 100 ended almost unchanged. The pan European Stoxx 600 edged up 0.15%.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>